For family-owned businesses, issues of succession form the center of all estate planning efforts. The manner in which a business is handed down differs for every family, and there is no such thing as a one-size fits-all legacy solution. When addressing the issue, Michigan families should take the time to sit down with their loved ones and discuss the matter at length.
The first thing to consider is whether any of the children are willing and able to take on ownership of the business once the parent or parents are deceased. In cases in which one or more children do not have an interest in being involved in the business, the estate plan becomes far more complicated. Because parents usually want to leave their children equal inheritances, a degree of number-crunching is in order.